BJ Services Moves to Acquire Innicor Subsurface Technologies

HOUSTON, March 31 /PRNewswire-FirstCall/ -- BJ Services Company
(NYSE: BJS; PCX; CBOE) announced today that it has signed a pre-acquisition
agreement to acquire all of the outstanding shares of Innicor Subsurface
Technologies Inc. (Toronto: IST). Innicor is headquartered in Calgary, Alberta
and is a designer, manufacturer and provider of tools and equipment utilized
in the completion and production phases of oil and gas well development in
Canada and select international markets.
Subject to the terms and conditions of the agreement, BJ Services will
offer to purchase the outstanding shares of Innicor for a purchase price of
CAD $2.50 in cash per share, valuing the proposed transaction at approximately
USD $55 million, including outstanding debt and capital lease obligations. The
transaction is expected to be completed during BJ Services' third fiscal
quarter and is subject to customary closing conditions, including applicable
Canadian regulatory approvals.
CEO J.W. Stewart commented, "This acquisition will increase the breadth of
our completion and downhole tool product lines and will add significant
manufacturing capacity. The combination of BJ's current completion tool
capabilities and Innicor's completion tool product line, manufacturing
capabilities and distribution networks significantly strengthens our ability
to meet our customers' needs."
This news release contains forward-looking statements within the meaning
of the Securities Litigation Reform Act that involve risks and uncertainties,
including the Company's ability to consummate the acquisition, to integrate
the business and operations of Innicor, and other factors described from time
to time in the Company's publicly available SEC reports, which could cause
actual results to differ materially from those indicated in the forward-
looking statements. In this press release, the words "expect," "estimate,"
"project," and "believe," and similar words are intended to identify forward-
looking statements.
BJ Services Company is a leading provider of pressure pumping, well
completion, production enhancement and pipeline services to the petroleum
industry.
(NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)
SOURCE BJ Services Company

Jeff Smith of BJ Services Company, +1-713-462-4239